US employers add 157,000 jobs, jobless rate slips to 3.9 percent

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Overall, U.S. employers added 157,000 jobs in July.

"The basic story of the labor market has been a slow and steady recovery of month after month of impressive jobs gains", said Michael Strain, director of economic policy studies at the right-leaning American Enterprise Institute.

U.S. employers added 157,000 jobs last month, fewer than expected, according to a Bureau of Labor Statistics report released Friday.

The economy expanded at a 4.1 per cent annual rate in the April-June quarter, the strongest showing in almost four years.

A collective upward revision of 59,000 for May and June brought the three-month average for job creation to 224,000, faster than the growth pace seen past year. After being at a record low a few months ago, black unemployment rose to 6.6 percent.

Unemployment as a measure that includes discouraged workers and those holding jobs part-time for economic reasons, also declined to 7.9% from 8.1%.

Professionals from both the executive search and talent management sectors weighed in on what they are seeing not only in the US but other parts of the globe as well.

"Consequently, we expect the unemployment rate will remain steady in July, but should return to a downtrend in the coming months". Below that was outpatient care centers, adding 4,300 jobs.

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One thing that hasn't impressed much is wage growth. African American and Hispanic unemployment rates are hovering around the lowest rates since the Labor Department began recording those statistics in the early 1970s. With revisions, job gains have averaged 224,000 a month over the past three months.

Following this latest solid jobs report, it remains likely that the US Federal Reserve will hike interest rates two more times in 2018.

The labor market has accelerated as the economy expands.

That was just one aspect of the good news laid out in the July jobs report.

Excluding those factors, hiring in July would have been closer to the monthly average this year.

People looking for jobs at factories had a better chance of being hired last month. There were declines in transport, utilities and financial payrolls last month. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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